Smart State audits DAO Maker, the go-to platform for retail venture investing in equity and tokens.

DAO Maker is a DAO-based ecosystem that allows retail investors to safely invest in exciting startups. DAO Maker creates growth technologies, and incubation and launch frameworks for startups, while simultaneously reducing risks for investors. Currently, the market cap of companies that raised on DAO Maker is $6.8 billion, and $16.2 billion is the market capitalization of companies using their governance tech. Close to 100,000 retail investors have registered onto their platform and are reaping the rewards of a compliant, low-risk ecosystem.

Security audit performed by Smart State

Smart State was asked to perform a security audit of the DAO Maker platform. Our mandate was to perform a comprehensive audit to find a variety of issues and vulnerabilities, in an effort to plug gaps and make the ecosystem robust, safe, secure, and functioning smoothly. This task was of vital importance due to the large number of stakeholders involved in the ecosystem and billions of dollars worth of assets riding on tens of projects.

In that regard, it was mandatory to perform an extremely meticulous, yet time-bound, audit to ensure that no leaks, gaps, or vulnerabilities remain that can be exploited by hackers and attackers.

We checked whether best code practices were adhered to and compliance to ERC20/BEP20 was maintained. We also looked for logical bugs, general Denial of Service(DoS) issues, private data leaks, vulnerabilities, hidden malicious code, and other issues that may threaten the integrity and security of the platform.

After careful testing of smart contract codes, we were able to find minor issues, but we did not detect any major vulnerabilities. We submitted the audit report with a list of recommendations. We had a few rounds of discussion with the DAO Maker dev team to explain what they can do best to resolve the minor issues. They promptly made the changes to ensure that they do not progress into major issues and challenges.

We are glad to announce that the entire audit went smoothly and the DAO Maker team was happy with the work that we did for them.

About Smart State Tech

Launched in 2019, Smart State is a leading DeFi security auditing firm based in Dubai. The team validates the security of the code core, smart contracts, and blockchain for logical and business process vulnerabilities.

Although Smart State kickstarted operations with smart contract auditing of DLT-projects, from the very beginning, they made sure that their services went beyond the classic purview of smart contract audit and security review. Smart State security audit assesses a project’s git in detail and provides guidelines for its further advancement. The security audit reports delve into the threats and vulnerabilities the codebases might be prone to in the future as the network achieves scalability and expands to accommodate more use cases and functionalities.

Visit us at www.smartstate.tech to know more. Follow us on Twitter.